Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 19
Registered: ‎04-09-2013
0

Unreimbursed Employer Expenses & Mortgages

MY LO is requiring my 2010  2011 tax return transcripts and my current W2 ... during 2010/2011  I worked for an employer who did not reimburse for expenses such as mileage, use of vehicle, cell phone etc.  so I would claim that on my return along with other typical credits and deductions.  I would get a refund back of close to the amount I paid out in these expenses.  I have been with a new employer for a year now, where I do not have unreimbursed expenses.  I have filed our 2012 tax return and had unreimbursed employer expenses that were significantly less as it was the last bit from my previous employer. Will the UW take into consideration that those expenses were from a previous employer and I do not have that issue now or will I be stuck?? By leaving my old employerr my income increased 17k and I do not have those expenses.  My issue is we, as well as our builder,  have received our Commitment Letter before the LO has received our tax transcript, we sold our land to the builder so they could build and we are listing our house in a couple of months-  the builder broke ground this week! Really concerned this isgoing to fall through and we have so much invested into it!


Starting Score: 547 May 2012 645 Lender Pull Middle Score on April 1st, 2013
Current Score: 689 Oct 2013
Goal Score: 750... just for starters


Take the myFICO Fitness Challenge
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Unreimbursed Employer Expenses & Mortgages

Since you should have submitted 2 years employment history, the UW should notice. In my experiences one of the conditions would be to write a LOE if it even comes into question.
Good Luck
May all your dreams and wishes become a reality!
Established Member
Posts: 19
Registered: ‎04-09-2013
0

Re: Unreimbursed Employer Expenses & Mortgages

MY LO asked for 2012 W2 and pay stubs from 2012 - I started my new job Dec 2011, so the W2 reflects my new pay.  The tax return however is 2010 2011 which reflects the lower pay and the unreimbursed expenses.  I have filed my 2012 tax return so I guess I could give them that and the LOE if necessary ... 


Starting Score: 547 May 2012 645 Lender Pull Middle Score on April 1st, 2013
Current Score: 689 Oct 2013
Goal Score: 750... just for starters


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.